Wave summary:
EUR/JPY is testing the lower part of the expected target-area for wave ii between 132.96 - 133.33 from where the next impulsive decline is expected towards 128.36 in wave iii. A break below support at 131.60 will confirm that wave (D) has completed and wave (E) is developing towards 123.43.
To keep wave (D) alive a break above 134.49 will be needed, which will call for a spike closer to 137.37 before turning lower in wave (E).
R3: 134.49
R2: 133.98
R1: 133.33
Pivot: 132.40
S1: 131.86
S2: 131.42
S3: 131.09
Trading recommendation:
We will sell EUR at 133.20 with stop placed at 134.55 or upon a break below support at 132.29.
The material has been provided by InstaForex Company - www.instaforex.com